What are The Best Virtual Bank Options in Hong Kong
- Published: 22 October 2025
- 12 min read
- Starting a Company, Running a Business
Ruth Dsouza
Author
Ruth Dsouza Prabhu is a content developer passionate about shaping ideas into compelling narratives. Drawing on her experience in marketing communications and lifestyle writing, she brings clarity to complex business topics for entrepreneurs. Her work spans strategy, storytelling, and thought leadership, offering readers content that is both credible and impactful.
A virtual bank operates entirely through electronic channels with no physical branches, offering banking services through digital platforms. Digital banks in Hong Kong offer lower fees and greater convenience, making them an appealing option for those seeking an efficient banking solution. This article will help you explore the best virtual bank options in Hong Kong, comparing their features, fees, and benefits to help you choose the right one for your needs.
Key Takeaways
- Digital banks in Hong Kong are fully online, regulated by the Hong Kong Monetary Authority, and provide accessible, cost-effective banking services without physical branches.
- They offer attractive advantages over traditional banks, including lower fees, 24/7 access, and innovative digital features, but lack face-to-face services.
- Digital banks are an important piece in SME digital innovation.
- Opening a virtual bank account is quick and easy, usually taking 5 to 10 minutes, with most banks having no minimum requirements or monthly fees.
What Are Virtual Banks in Hong Kong?
Virtual banks, also known as digital banks or neo banks, are licensed financial institutions that operate entirely online without physical branches. However, to handle customer inquiries and complaints, these banks are mandated to have a physical office in Hong Kong.
The Hong Kong Monetary Authority (HKMA) regulates digital banks in Hong Kong, ensuring they meet the same supervisory standards as traditional banks. The appeal of licensed virtual banks in Hong Kong lies in their accessibility and cost-effectiveness.
These digital-only banks prioritise customer experience by leveraging advanced technology and innovative solutions. As a result, they provide a wide range of services, from multi-currency accounts to virtual credit cards, making them a popular choice among tech-savvy businesses.
Digital banks provide competitive services using online platforms that are convenient and cost-effective. Whether you’re looking for retail banking services, personal instalment loan, international payments, or simply a hassle-free banking experience in Hong Kong, digital banks have something to offer.
Virtual Banks vs Traditional Banks
Digital banks operate exclusively online, which allows them to reduce operational costs and pass those savings onto customers in the form of lower fees and better rates. Another key benefit of digital banks is their lack of deposit requirements and monthly service fees. This cost-effectiveness, combined with the convenience of 24/7 access to banking services, makes licensed virtual banks an attractive alternative to conventional banks.
In contrast, traditional banks are more beneficial for customers who prefer personal assistance with complex banking needs, such as loans or investment services advice. However, these services often come with higher fees and longer wait times.
Aspect | Traditional Banks | Virtual Banks |
|---|---|---|
| Physical Presence | Branch network with face-to-face services | No physical branches, fully online |
| Fees & Interest Rates | Higher fees, lower interest rates | Lower fees, better interest rates |
| Accessibility | Limited to branch hours | 24/7 online access |
| Customer Service | Personalised, in-person support | Digital-only support, less personal |
| Technology & Tools | Conventional systems, slower innovation | Advanced apps, smart banking tools |
Digital banks often partner with Hong Kong fintech companies to enhance the customer experience, offering streamlined online services that are accessible and user-friendly. For instance, digital wealth advisory and smart banking era tools are becoming standard features with many digital banks.
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How to Open a Virtual Bank Account Online
Opening a digital bank account in Hong Kong typically takes about 5 to 10 minutes and can be completed entirely on your smartphone. Most digital banks simplify the registration process by allowing you to submit personal and corporate details and identification documents through their apps.
Companies and individuals must have the following to open a digital bank account in Hong Kong:
- Proof of identity (Hong Kong-issued ID, voter registration, or more)
- Proof of a Hong Kong residential address
- Business documentation (for corporate accounts)
- A valid mobile phone number for online banking and security verifications
Some banks, however, allow foreigners and visitors from mainland China to open accounts.
The Most Popular Virtual Banks in Hong Kong
Hong Kong is home to several digital banks, each offering unique features and services designed to cater to different needs. From Airstar Bank to Mox Bank, each of these digital banks brings something unique to the table.
Whether you’re a small business owner looking for flexible loan options or an individual seeking convenient international payment solutions, you’re sure to find one that meets your needs. Here, we examine some of the most popular Hong Kong virtual banks.
1 Airwallex
Airwallex is a global financial platform built to streamline financial operations for modern businesses. Trusted by over 150,000 companies worldwide, including TikTok and SHEIN, it replaces fragmented legacy systems with a single, AI-driven solution for payments, accounts, and financial services.
Key Features
- Multi-currency accounts and global payments for cross-border trade
- Spend management tools and embedded financial products
- AI-powered reconciliation, accounting, and reporting
- Seamless integration with ecommerce and business workflows
- Fees: Competitive, based on account type and transaction volume
- Eligibility criteria: Available to Hong Kong–incorporated SMEs; offshore companies subject to compliance checks
Airwallex is not a licensed bank in Hong Kong. It operates as a fintech provider offering financial services and multi-currency business accounts.
2 Aspire
Aspire is a fully digital business finance platform designed for SMEs and ecommerce companies. While not a traditional bank, it offers many banking-like features, such as multi-currency accounts, global payments, and expense management, combined with seamless accounting integrations to simplify financial operations.
Key Features
- Free account with no monthly fees, no minimum balance, no opening deposit
- Multi-currency collection accounts (HKD, CNY, USD)
- Payments in 30+ currencies with low FX fees
- Unlimited virtual cards with real-time expense tracking
- Direct integration with Osome Connect for faster bookkeeping
- Fees: No account fees; FX/payment charges vary by currency
- Eligibility criteria: Open to Hong Kong–incorporated SMEs; global founders can apply remotely
Osome partners with Aspire and Airwallex to give Hong Kong businesses smarter multi-currency accounts, lower transfer fees, and streamlined finances alongside our expert accounting support. Contact us to learn more.
3 ZA bank
ZA Bank is the first digital bank in Hong Kong, and also the largest established one. As of 2025, it serves over 800,000 users. ZA Bank provides versatile multi-currency services and financing solutions, catering to both individuals and small businesses. As the inarguably "first bank" in Hong Kong, ZA Bank is also consecutively recognised by the Asset Triple A Digital Awards.
Key Features
- Supports HKD, USD, and CNY accounts
- Local payments in 12 currencies; international transfers via SWIFT
- Business loans up to HK$ 4,000,000 for SMEs
- Robust mobile ZA Bank App
- Comprehensive banking powered directly by the ZA Bank website.
4 Airstar Bank
Airstar Bank, a subsidiary of Xiaomi Corporation, combines fintech innovation with trusted virtual banking. Awarded Excellence in FinTech Virtual Bank in 2024, Airstar Bank continues to expand its service range.
Airstar Bank offers extensive corporate services with clear and simple controls.
Key Features
- One-click currency exchange and fee-free remittances to Mainland China
- Visa Platinum Card with mobile activation, global ATM access, and Apple Pay support
- Multi-currency, USD savings, and time deposit accounts
- Protected by Deposit Protection Scheme.
5 WeLab Bank
Established in 2019, WeLab Bank is one of Hong Kong’s pioneering digital banks. A Welab Bank account can be activated for personal and business needs and provides a blend of payment, transfer, and investment services.
Key Features
- No fees for local HKD and USD transfers
- Local/global remittances via FPS/CHATS
- Investment products, including USD FX Time Deposits and funds
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6 Mox Bank
Backed by Standard Chartered, Mox Bank has grown to over 650,000 users as of 2025, offering trusted, technology-led virtual banking with a focus on global transactions.
Key Features
- Mox accounts support 10 major currencies (HKD, USD, EUR, SGD, etc.)
- US stock trading (fractional and full shares)
- Smart Borrowing feature for instant loan applications
- Unlimited cashback with Mox Credit
- Time deposits with minimums as low as HK$ 1 or US$ 1
7 Ant Bank
A subsidiary of Ant Group (owner of Alipay), Ant Bank accounts integrate seamlessly into the wider digital ecosystem. It offers a broad range of financial services with strong accessibility and flexibility, making it a favourable commercial bank for SMEs.
Key Features
- Local funds transfers via FPS/CHATS
- Flexible deposits with minimum HK$ 1
- Unsecured loans up to HK$ 5,000,000
- Banking, investment, and insurance agency services
- Supports HKD and USD
- Limitation: No international remittances outside Hong Kong
8 PAO Bank Limited
Formerly Ping An OneConnect Bank, PAO focuses on savings and loan solutions tailored for businesses in Hong Kong. Its mobile-first platform supports convenient account management and financing.
Key Features
- HKD savings accounts
- Wide loan portfolio: trade-connect, eFast, revolving, and secured loans
- Business secured loans up to HK$ 35,000,000
- Mobile account opening for easier onboarding
Fees and Rates Comparison
One of the significant advantages of digital banks is their lower operational costs. For instance:
- Fusion Bank charges a handling fee of HK$ 50 for outward remittances and intermediary bank fees of HK$ 200.
- Mox Bank’s local ATM withdrawal fee can range from HK$ 0 to HK$ 20, while overseas ATM withdrawals are subject to a fee of HK$ 30.
- Ant Bank does not currently impose any service fees for account transactions, making it an attractive option for those looking to minimise costs.
- Digital banks in Hong Kong currently do not facilitate cross-border payments except for Fusion Bank, which supports cross-border remittance.
- WeLab Bank charges a fee of HK$ 20 for paper statements, and foreign exchange incur a fee of 1.8%.
It’s essential to compare the rates on savings accounts as they can significantly influence your overall banking experience.
Bank | Account Opening | Monthly Fees | Local Transfers | International Transfers | Other Notes |
|---|---|---|---|---|---|
| Airwallex | Free | No monthly fees | Free local transfers | Competitive FX, no fees via Airwallex network; SWIFT transfers from HK$ 100 | Foreign exchange accounts, virtual cards |
| Aspire | Free, 100% online | No monthly fees | Free local transfers via FPS | Cross-border payments in 30+ currencies; FX fees vary | Unlimited virtual cards, Osome integration |
| ZA Bank | HK$ 1,500 (website); HK$ 11,000 (via RM for offshore/complex ownership) | Waived | FPS: HK$ 1 (<HK$ 1M), HK$ 10 (>HK$ 1M); CHATS: HK$ 50 | Outward telegraphic: HK$ 100; Inward: HK$ 50; Amend: HK$ 200 | Merchant FPS receiving: 0.6%; first digital bank in Hong Kong |
| Airstar Bank | Free | Waived | Free FPS transfers | Telegraphic transfers: outward HK$ 120, inward HK$ 65 | Subsidiary of Xiaomi Corporation, promotes financial inclusion |
| WeLab Bank | Free | Waived | Free local transfers | SWIFT transfers; fees vary by destination | Investment and deposit products |
| Mox Bank | Free | Waived | Free FPS transfers | SWIFT transfers: outward HK$ 120, inward HK$ 65 | Backed by Standard Chartered |
| Ant Bank | Free | Waived | Free FPS transfers | No international remittance available | Min. deposit HK$ 1 |
| PAO Bank | Free | Waived | Free FPS transfers | SWIFT outward HK$ 120, inward HK$ 65 | Loans up to HK$ 35M; Owned by OneConnect Financial Technology |
How to Choose the Right Virtual Bank for Your Needs
Friendly user experience is one of the most critical aspects of selecting a virtual bank in Hong Kong.
When reviewing bank options, consider the following:
- Whether the bank provides debit or credit card options for convenient spending.
- Minimum deposit requirements and fees for falling below that balance.
- For those who frequently travel or need to send money internationally, look for digital banks that offer multi-currency accounts.
- Charges for paper statements and other services.
How Osome Can Help
Navigating through digital banks can be overwhelming, but that’s where Osome comes in. Osome partners with several digital bank providers in Hong Kong, making the bank account opening process seamless, especially when it comes to incorporation.
In 2023, a survey by the Hong Kong Association of Banks found that over 90% of SMEs considered digital banks convenient and efficient, highlighting their growing importance in the business community. Osome’s expertise helps save time and ensures all regulatory requirements are met efficiently.
Summary
Virtual banks in Hong Kong provide a modern and efficient alternative to traditional banking. Their offers range from foreign exchange to joint venture options and are suitable for retail customers and SMEs alike.